Bank of N.T. Butterfield & Son (NYSE:NTB) Issues Earnings Results

Bank of N.T. Butterfield & Son (NYSE:NTB) released its earnings results on Monday. The bank reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.51 by $0.07, FiscalAI reports. The firm had revenue of $159.00 million during the quarter, compared to analyst estimates of $156.94 million. Bank of N.T. Butterfield & Son had a net margin of 30.22% and a return on equity of 21.92%.

Bank of N.T. Butterfield & Son Price Performance

Shares of NTB stock traded down $0.41 during trading hours on Monday, reaching $60.58. The stock had a trading volume of 111,101 shares, compared to its average volume of 176,838. Bank of N.T. Butterfield & Son has a twelve month low of $40.59 and a twelve month high of $62.46. The firm has a 50-day simple moving average of $58.77 and a 200-day simple moving average of $54.88. The firm has a market capitalization of $2.54 billion, a PE ratio of 10.48 and a beta of 0.51.

Bank of N.T. Butterfield & Son Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Wednesday, May 13th were given a dividend of $0.50 per share. The ex-dividend date was Wednesday, May 13th. This represents a $2.00 annualized dividend and a dividend yield of 3.3%. Bank of N.T. Butterfield & Son’s dividend payout ratio is currently 34.60%.

Insider Activity

In other Bank of N.T. Butterfield & Son news, CEO Michael W. Collins sold 20,621 shares of the business’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $58.77, for a total transaction of $1,211,896.17. Following the completion of the transaction, the chief executive officer directly owned 60,622 shares of the company’s stock, valued at $3,562,754.94. The trade was a 25.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Mark T. Lynch bought 10,000 shares of the firm’s stock in a transaction on Friday, May 29th. The stock was purchased at an average price of $56.49 per share, with a total value of $564,900.00. Following the transaction, the director owned 234,794 shares in the company, valued at $13,263,513.06. The trade was a 4.45% increase in their position. The SEC filing for this purchase provides additional information. Over the last quarter, insiders sold 60,621 shares of company stock worth $3,557,496. 1.19% of the stock is currently owned by insiders.

Institutional Trading of Bank of N.T. Butterfield & Son

Several hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC grew its stake in shares of Bank of N.T. Butterfield & Son by 204.3% in the second quarter. EverSource Wealth Advisors LLC now owns 779 shares of the bank’s stock worth $34,000 after purchasing an additional 523 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Bank of N.T. Butterfield & Son by 3,371.0% during the third quarter. PNC Financial Services Group Inc. now owns 1,076 shares of the bank’s stock valued at $46,000 after purchasing an additional 1,045 shares in the last quarter. CIBC Private Wealth Group LLC bought a new stake in shares of Bank of N.T. Butterfield & Son during the third quarter valued at about $56,000. Los Angeles Capital Management LLC bought a new stake in shares of Bank of N.T. Butterfield & Son during the fourth quarter valued at about $67,000. Finally, Kemnay Advisory Services Inc. acquired a new stake in Bank of N.T. Butterfield & Son in the fourth quarter worth about $114,000. Institutional investors own 62.73% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on NTB shares. Wells Fargo & Company boosted their price objective on shares of Bank of N.T. Butterfield & Son from $57.00 to $61.00 and gave the company an “equal weight” rating in a research report on Monday, June 8th. Weiss Ratings reissued a “buy (a-)” rating on shares of Bank of N.T. Butterfield & Son in a report on Thursday, July 2nd. Finally, Zacks Research downgraded Bank of N.T. Butterfield & Son from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 13th. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $59.50.

About Bank of N.T. Butterfield & Son

Bank of N.T. Butterfield & Son Limited, commonly known as Butterfield, is a Bermuda-based provider of banking and wealth management services. Founded in 1858, the firm has grown from a local colonial bank into an international financial institution. With a focus on personalized client service, Butterfield offers a comprehensive suite of banking and fiduciary solutions to private individuals, families, and corporate clients.

The bank’s core activities include private banking, retail and commercial lending, trust and corporate administration, and fund services.